Gov. Dannel P. Malloy announces a deal on Wednesday August 15, 2012, to bring Westport-based hedge fund Bridgewater Associates to Stamford, Conn. and add up to 1,000 jobs at the current site of a boatyard in the cityâÄôs South End.

STAMFORD -- Mayor Michael Pavia and several other city officials got their first look Thursday at Harbor Point developer Building and Land Technology's plans to turn the former boatyard on Bateman Way into a hedge fund headquarters.

"One of the things that was impressive to me was we were told that `This is conceptual and we're here to discuss what you think we should be doing,' " Pavia said. "Which is terrific. It opens up the opportunity for them to hear what the needs for Stamford are."

"I think it's got a great deal of potential for the city, but there are a number of issues that need to be worked out in order to make it happen and make it work for both the city and Bridgewater," Skigen said. "Both Bridgewater and BLT want to hear what the city thinks and what the city's needs are, but clearly Bridgewater would like to come to Stamford."

Earlier this month, Gov. Dannel P. Malloy announced a deal with Bridgewater, one of the world's largest hedge funds, to build a $750 million headquarters in Stamford. The company, which has 1,225 employees and $130 billion in investments, will be given forgivable construction loans, job training grants and other tax incentives in exchange for creating 750 to 1,000 new jobs over the next 10 years.

But zoning and development plans for the site stipulate the land must be used for water-dependent purposes -- specifically, a working boatyard. A move to build a corporate headquarters there needs approval from city officials, who still have a cease-and-desist order pending against BLT for failing to provide plans for replacing the boatyard. BLT has appealed the order.

"It's really going to become a land use issue," Pavia said. "A Zoning Board and a Planning Board review process that I believe will be very involved, probably one of the most involved land use issues that they've ever had to face."

"We were getting a lot of calls from people thinking there were backdoor deals going on and everything else," Mills said. "I don't need to stir up the pot any more than it's already been stirred. They didn't want me to go so I didn't go."

"Why was it not an open meeting?" Boylan said. "They can try and fast-track it all they want, but it's not going to happen. Legally, this deal should not be happening because the property is not zoned for it and it violates all the rules in place."

The group discussed building a replacement boatyard on Magee Avenue and possibly a marina at the Bateman Way property, city officials said Thursday afternoon. Adams said the community is still waiting to hear and understand the developer's plans for the site.

"I think they're proposing to move (the boatyard) over to Magee Avenue," Adams said. "That's what their wishes are, but that doesn't mean the community has to accept that. I think it's going to be a give and take on both sides."

Pavia said he believes Thursday's meeting showed all parties involved are committed to approaching the 14-acre site with environmental, social and economic considerations in mind.

"We have a tremendous opportunity to not just protect an environmental component but to build and enhance additional environmental components," he said. "We have the ability to provide the social components such as a boatyard and a public amenity that includes water access and water-dependent usage.

"And third, we have economic incentives which are very, very big here in terms of what it will do to the Stamford tax base and grand list."

Bridgewater Associates Spokesman Russell Sherman declined comment on Thursday's meeting. Freeman did not return a call and email for comment.